Do you want to know what's happening in the Multifamily Market?

Join Chad Sutton and Jerome Myers, an award-winning engineer, investor, mentor, and business strategist who helps founders navigate their Exit Paradox through his masterminds and coaching programs, in discussing the current state of the multifamily market. They emphasize the importance of cautious underwriting and risk-adjusted returns, warning against common pitfalls like underestimating renovation budgets and relying heavily on bridge debt. Jerome shares the value of empathy and grace in dealing with others and discusses his philanthropic efforts to create opportunities for students through a scholarship program.

The episode concludes with practical insights into the first 90 days of a property takeover.

Learn more about ALTERNATIVE BUSINESS and INVESTMENT STRATEGIES through QUATTRO CAPITAL!

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[00:00 - 10:46] Introducing Jerome Myers: Inspiring Journey from Corporate to Financial Freedom with Jerome Myers

• Chad welcomes Jerome Myers, and he shares[highlight=initial] his inspiring journey, dropping out of corporate America in 2016 and venturing into real estate investments

• Facing initial rejections from banks, Jerome found success in fixing and flipping properties, showcasing impressive returns from smaller investments in unconventional markets

• Jerome's podcast Dream Catchers features interviews with successful exits, offering valuable insights into various strategies for achieving financial freedom

[10:47 - 21:11] Cost Basis, Low Leverage, and Market Insights

• Chad and Jerome focus on the significance of cost basis and the risks of capital-intensive properties with high debt service burdens in uncertain markets

• Jerome's recent property refinancing experience highlights the importance of low leverage in the current market, while Chad discusses rising expenses like taxes and insurance in certain states

• They explore property price discovery, with a shift towards lenders restructuring loans instead of forcing sales, emphasizing the need for thorough due diligence

• Both stress the need for past performance analysis and understanding a property's business plan before investing.

• Caution is advised against relying solely on projected returns and appreciation

[21:12 - 31:24] Unveiling the Importance of Conservative Approaches and Operator Due Diligence

• Jerome and Chad stress the importance of realistic underwriting in real estate deals, cautioning against relying solely on impressive proformas

• The episode highlights the significance of considering factors like debt type, cap rates, rehab budgets, and taxes when evaluating real estate investments

• Listeners are encouraged to thoroughly vet operators and ensure they have the financial capacity to weather unexpected setbacks to protect their investments

[21:25 - 41:34] Philanthropy and Giving Back

• They stress the value of investing in performing properties to reduce risks

• Jerome's empathic nature is described as his superpower, promoting empathy and kindness in business and life

• The lesson learned from Jerome's divorce is about exercising grace and responsible use of power

• Jerome's philanthropy focuses on engineering scholarships, aiming to ease financial burdens for students.

• Listeners can download a book on property management within the first 90 days after acquisition from Jerome Myers' website

Quote:

"You have to buy stuff that's performing now more than ever. If you're buying something that's really broken, and you don't have really deep pockets, you're setting yourself up for a lot of pain." - Jerome Myers

Connect with Jerome through

LinkedIn, Facebook, or visit http://theexitparadox.com

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Real Estate Runway Podcast is all about alternative business and investment strategies to help you amplify life and maximize wealth! Click here to find out more about the host, Chad Sutton.

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